After decades of conflict with Cuba, steps are being taken that may finally lead to lifting one of the oldest and longest-lasting trade embargos in the world. In an historical meeting, President Barack Obama met his Cuban counterpart Raul Castro on April 11 during the Summit of the Americas, underlining the start of a process normalizing relations between the two countries. This initiative is receiving strong support from the U.S. Chamber of Commerce and many other trade groups and government agencies throughout the U.S. Indeed on April 20 Governor Andrew Cuomo of New York led a delegation of New York exporters on a trade mission to the island nation (http://www.nytimes.com/2015/04/21/nyregion/upbeat-cuomo-arrives-in-cuba-seeking-trade-and-recalling-his-father.html). While some small steps have already been enacted, the big step, a more comprehensive lift of the embargo, will have to be approved by the U.S. Congress, which is at this time still very divided on the issue. Should the sanctions be lifted there will be a new array of opportunities for US businesses.

According to 2014 Census data, agricultural commodities, the only trade allowed between the U.S. and Cuba totaled about $300 million of U.S. exports. Mainly meat and poultry were exported, followed by animal feeds, soybeans and corn. The lifting of the embargo may be particularly beneficial to this sector, since American products can take advantage of their strong price competitiveness. Imports from Cuba are currently banned, but a few restrictions were eased earlier this year.

The geographical proximity of Cuba to Florida (90 miles off Key West) and the fact that Cuba was historically a strong trading partner with the US, indicate that U.S. businesses will quickly try to find opportunities in Cuba. Key sectors for export include the agro-food industry, telecommunications and electronics, building and medical equipment, as well as services related to banking and small business development.

Cuban relations with the US, the EU and the UK are evolving. Now is the time for businesses to consider seriously the many opportunities for trade and investment in Cuba, with a population of over 11 million; a highly educated workforce; significant prospects in a range of sectors including energy, mining, tourism, biotechnology, agribusiness, manufacturing, transport and industry; growing interest from companies in Europe and the US; and a renewed effort from the Cuban Government to attractand welcome foreign investment.

The International Tourism Fair, FIT CUBA, is the most important event in the Cuban tourism industry. Its main objectives are the promotion and strengthening of Cuba’s attributes as a destination before different audiences. It will be held from May 5 to 7.

If your business has Cuban contacts — either Cuban customers or Cuban business associates, you should familiarize yourself and your business's employees with Cuban cultural practices when it comes to business interactions.

The Havana WTC Member Services & Facilities A WTC offers its members and tenants a wide range of facilities and services. Since WTC services are reciprocal, members can access them at all operating WTCs around the world.